NAFCU Working Mortgage Foreclosure Bill in the Senate

WASHINGTON--Senator Richard Durbin (D-Ill.) is seeking to have his bill on the treatment of mortgages in bankruptcy added to a bill expected to move as early as Tuesday.

By Sarah Snell Cooke | February 25, 2008 at 02:33 AM

WASHINGTON–Senator Richard Durbin (D-Ill.) is seeking to have his bill on the treatment of mortgages in bankruptcy added to a bill expected to move as early as Tuesday.

The bill would provide authority to bankruptcy judges to restructure the terms of home mortgages, which they do not currently have.

NAFCU lobbyists are working to win a similar carve out for prime loans as they did on the House side. The amendment is expected to be part of a housing stimulus package sources close to the action said.

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